Payment Protection Scotland - PPI Blog

*No, but the deadline isn't far off!

There are many questions our team are asked about PPI compensation claims. Time seems to be a common issue and for some people, it may be what stops them from making a claim for PPI compensation.

But as we are about to show you, it is never too late to launch a claim for your money back (but, there is something on the horizon that will affect your claim if you fall foul of it).

My loan was years ago. Surely, I don't have a claim for PPI compensation?PPI was mis-sold to millions of customers, a total PPI fund of billions of pounds - and your money is a slice of that.

It was mis-sold to customers from as early as the 1990s with concerns raised about how it was being sold from the mid-1990s. It took until 2011 for people to start getting their money back.

To claim your money back, you need to show that you have or had PPI, as well as tell the bank why you think it was mis-sold to you.

But PPI claims take far too long to resolve - I just don't have time to make a claim! With Payment Protection Scotland on your case, you don't have to worry about finding time to make a claim or chase it with your bank because we do all that for you.

We also make sure that any settlement you are offered is for the correct amount.

Unless your claim is refuted or overly complex, PPI claims must be resolved within 8 weeks of your submitting your claim. That means you could be enjoying a pleasant windfall in the next two months or so.

I can't remember why or how PPI was mis-sold to me. That means my PPI compensation claim is scuppered before it starts!

No, it doesn't! We can work through why you were mis-sold the PPI policy and one of them is that you can't remember why you bought it. This suggests that is was foisted on you or that you were told it was part of the overall package when you bought the loan etc.

Any insurance product you purchase should be fully explained to you. Also, at the time you bought the loan, you didn't have to buy any other product and should have been given the opportunity to check out other PPI policies from other providers.

PPI was also expensive and offered very few people the cover that they thought they had.

And this is why time should never be a barrier to making a claim for PPI compensation. BUT, there is PPI 2019 deadline. If you were mis-sold PPI before the summer of 2017 and plan on making a claim, you must lodge your complaint before 29^th August. After this, you won't be able to claim your money back…

… that's why you need to call Payment Protection Scotland today!

As we basked in the summer of 2018, there is a dark cloud looming on the horizon. The rumours were rife for a long time and the banks were supportive of the move but, it has pros and cons for the customer.

What are we talking about? The PPI compensation deadline August 2019.

Time is out for PPI compensation claims. There are now 12 months left to make a claim. Make your claim or face missing out.

What is PPI?

Banks have set aside more than billions in compensation so far making the mis-sale of PPI the biggest scandal to have rocked the financial industry in the UK.

People were sold policies that they either did not want or could not have claimed on.

Typically, the PPI policy was sold alongside another financial product such as personal loans, overdrafts, credit cards, stores cards, car finance and so on. The idea was that the policy would make repayments on your debt should you fall ill, and your income was affected.

The worst offender in this mis-selling debacle is Lloyds Banking Group who has set aside another yet more money to make forthcoming compensation payments.

What was highlighted as part of the compensation deadline debate was another issue and one that PPI Scotland have been saying for a long time - there is a whole group of people out there who think they are not entitled to claim PPI but are!

Do you have a valid claim?

If you don't have the paperwork, call the original bank or lender who made the loan and ask them for copies of all paperwork relating to your loan or credit card etc. They must keep paper copies for six years but, they may have digital copies that date back further than this.

You can make a claim on any account on which you had PPI and there is no time limit on these accounts.

However, it may be more difficult in some cases to claim compensation on an account that is very old but, the banks and lenders are realising that the industry has suffered badly as a result of this scandal. As a result, they are compensating in most cases, quickly and fairly.

Do you have a claim?

Make it now before any deadline is announced! If you had a loan, credit card or any other kind of credit product in the last decade or more, the likelihood is you were sold PPI too - claim your money back with Payment Protection Scotland.

And they are not stopping any time soon!

We have all heard about payment protection insurance - commonly abbreviated to PPI - and the fact that it was an insurance policy that was mis-sold to thousands of people across Britain. The scale of the mis-selling has caught everybody by surprise but, how did it all start?

It started in the 1990s

Consumer organisations started to raise concerns and questions over the how and why PPI was being sold to customers.

As part of this pressure, the financial regulatory authorities started to look in to how banks were selling this product to people too but, these reviews and investigations took time, years in fact.

It was also raised in Parliament about the expensive product and why it was being sold alongside loans and credit cards and so on. Banks said the law was grey in this area, but others said the law was clear: customers did NOT have to buy anything other product alongside a loan etc.

By the end of the 1990s, not much had happened about PPI. It wasn't until a decade later - in 2007 to be precise - that complaints started regarding PPI, but the numbers were relatively small. It was not until 2010, that the whole mis-selling scandal began to take full effect.

Banks Fighting Back

By 2011, the number of complaints regarding the mis-selling of PPI had reached 1 million but there were two factors that really made the PPI scandal famous all across the UK at this point that combined to create a PPI snowball effect…

I. There was a judicial review in January 2011 brought by the banks that challenged the ruling the PPI premiums should be paid back. The banks lost.

II. This put the PPI mis-selling scandal firmly on the agenda of the nation press and, before the banks knew it, the whole thing was spread across the front pages.

The resulting publicity meant that the 1 million complaints made by the start of 2011 soon mushroomed to over 6 million in 2012.

The number of complaints has continued to ride high, with small fluctuations linked to publicity surrounding PPI and how to make complaints, in order that people can claim their money back - and ALL of their money back, not what the bank thinks it should pay you!

How much could you claim?

Many people often ask this question and of course, until we know the full details of your case we are unable to answer this in full or with certainty but, breaking it down to what has happened thus far…

• 1 in 11 customers received over £5,000 in PPI compensation
• 1 in 38 received over £10,000
• 1 in 99 customers received £15,00 or more
• 1 in 239 customers received a whopping £20,000 or more

How much could you claim?

Make 2018 the year you claim back your money. But get your skates on because there is a PPI deadline looming…

Thinking of making a claim for PPI compensation? The recent advert launch has raised many questions for people but what are the facts? Why is the PPI mis-selling saga such a big deal?

How many PPI policies were sold?

It is estimated that 45 million PPI policies were sold, the vast majority of which were mis-sold. Mis-selling means not giving you the full facts about the policy, its terms and conditions, or telling you it was a compulsory purchase or part of the loan agreement etc.

There were all kinds of excuses that people were given to force or compel them into buying an insurance product they really didn't need or want. It is a huge problem, the scale of which has never been seen before.

How much has been repaid?

So far, the PPI compensation bill stands at just over £27 billion but there are financial market experts who believe that this is only a quarter of what is owed to people.

The average claim of £2,750 is calculated by dividing the value of the 45 million policies sold by the thousands of customers thought to have been affected. But it is important to remember this is only an average figure - you could be entitled to less or a lot more.

Who mis-sold PPI?

There is hardly any financial company, bank or lender untouched by the PPI mis-selling scandal. The list includes most, if not all banks and building societies in the UK, the majority of lenders and some brokers too. As well as credit cards and loans, PPI was mis-sold on catalogue accounts, car finance, store cards and mortgages in some cases too.

How far back will my PPI claim go?

Without examining your case in detail, it is impossible to tell but PPI was mis-sold from the 1990s right up until 2010.

That means you could have 15 years of PPI premiums, costs and interests to be compensated to you. And, bearing in mind that many people have more than one PPI claim, you can understand why some people have compensation reaching triple figures sometimes!

When do I have to claim by?

You may have seen the TV advert by the Financial Conduct Authority which launched on 29^th August 2017. It uses a mechanical head of Arnold Schwarzenegger zooming around a supermarket urging customers to make a decision.

And it is important you make a decision because there is two years left in which you can make a claim for PPI compensation. After 29^th August 2019, the door closes and the thousands of pounds of your money will be lost forever.

Do you have a claim?

We have been a leader in the field of PPI compensation claims for some time now. With a fantastic reputation, people turn to us for advice as well as help with making their claim.

With a 93%+ success rate, this is how we do it:

We don't promise what we can't deliver

It really is that simple.

We don't promise PPI compensation, neither do we guarantee it. What we do guarantee is a faultless service backed by a thorough assessment of your claim.

We do assess each case on its own merits

Every claim for PPI compensation is different. Some are complex, others straightforward. Some customers have many PPI compensation claims, others just the one claim with one bank for their money back.

This is why we assess each claim on its own merits because no two claims are the same.

We don't ask for money upfront

You should avoid any company who asks for you to make 'a payment on account' etc. This means they are not confident in either their abilities to make successful claims or that your case for PPI compensation is weak but they continue with it anyway.

We do stay in touch (and ask you to do the same)

Communication is key when it comes to tracking your case. There are also times when we need answers to questions and, the sooner we get these, the sooner we can continue with your case.

We can communicate with you in a variety of ways - phone calls, texts, email and letter - and we ask that as our customer you do the same. For example, the bank or lender may write to you and we ask that you send us a copy of this letter so we can action it etc.

We don't just take on 'easy' cases

Some cases are simple and straightforward, the entitlement to compensation for mis-sold PPI obvious for all to see.

But there are cases that are more complex, that take more time and effort to resolve. We don't back away from these cases like other companies do. We will take on any eligible claim for PPI compensation.

We do offer the best service around… every time

There is no obligation to continue with your claim. You may call us, have a good chat but decide that our service isn't for you. And that's OK!

We also offer our services on a no win, no fee basis and that means no money upfront, you get your compensation and you then receive an invoice for our services. But, because we have a transparent fee charge, you know how much you will owe us.

Our service is simple, yet powerful - call us today!

There are many questions our team are asked about PPI compensation claims. Time seems to be a common issue and for some people, it may be what stops them from making a claim for PPI compensation.

But as we are about to show you, it is never too late to launch a claim for your money back (but, there may be something on the horizon that does).

My loan was years ago. Surely, I don't have a claim for PPI compensation?

PPI was mis-sold to millions of customers, a total PPI fund of billions of pounds - and your money is a slice of that.

It was mis-sold to customers from as early as the 1990s with concerns raised about how it was being sold from the mid-1990s. It took until 2011 for people to start getting their money back.

To claim your money back, you need to show that you have or had PPI, as well as tell the bank why you think it was mis-sold to you.

But PPI claims take far too long to resolve - I just don't have time to make a claim!

With Payment Protection Scotland on your case, you don't have to worry about finding time to make a claim or chase it with your bank because we do all that for you.

We also make sure that any settlement you are offered is for the correct amount.

Unless your claim is refuted or overly complex, PPI claims must be resolved within 8 weeks of your submitting your claim. That means you could be enjoying a pleasant windfall in the next two months or so.

I can't remember why or how PPI was mis-sold to me. That means my PPI compensation claim is scuppered before it starts!

No, it doesn't! We can work through why you were mis-sold the PPI policy and one of them is that you can't remember why you bought it. This suggests that is was foisted on you or that you were told it was part of the overall package when you bought the loan etc.

Any insurance product you purchase should be fully explained to you. Also, at the time you bought the loan, you didn't have to buy any other product and should have been given the opportunity to check out other PPI policies from other providers.

PPI was also expensive and offered very few people the cover that they thought they had.

And this is why time should never be a barrier to making a claim for PPI compensation. BUT, there is talk of a PPI June 2019 deadline and that means you should submit your claim for PPI compensation as soon as possible.

That's why you need to call Payment Protection Scotland today!

With so many agencies involved in the PPI compensation process, it is hard to know who is who.

At Payment Protection Scotland, we thought this Who's Who Guide to agencies and bodies involved in PPI compensation claims would be useful.

The Financial Conduct Authority (FCA)

The FCA replaced the Financial Services Authority after it was decided that part of the problem with the mis-selling of PPI was that banks and lenders could not be effectively challenged.

Even though the FSA was the regulatory body for banks and lenders, it had very few actual powers for forcing banks and lenders to make changes to practices.

As a result, the FCA came about and they do have the powers and ability to force changes and policies etc.

Currently, the FCA is in the news because they are the body that could be bringing in the PPI compensation deadline. They are currently consulting with advertising and creative agencies to begin a promotional campaign encouraging people to make a claim for PPI compensation.

The Financial Ombudsman Service

Also known by its initials FOS, the Ombudsman has also played a key role in PPI compensation claims.

When customers are unhappy with a product or service they have received from banks, lenders and some financial companies, they can take their complaint to the Ombudsman if they feel their bank or lender has not dealt with their complaint fairly.

The Ombudsman as a result of the PPI compensation claim process have been swamped by complaints by customers.

But it is important to note that you must first submit a complaint to the bank or lender before you take your case to the Ombudsman.

They are still dealing with other financial complaints alongside the mountain of PPI compensation cases and so when you submit your case to them for consideration, it can take up to 12 months to get a result.

Claim Management Companies (CMCs)

Payment Protection Scotland are a CMC that specialise only in PPI compensation claims. This means that when you bring your case to use, you get the full benefit of our many years of experience in helping people to make a claim for compensation after being mis-sold one or more PPI policies.

CMCs charge for their services but it is important you check what this fee is. Some offer a graduated fee based on how much work they do and others, like PPI Scotland, have just one fee.

We also operate on a no win, no fee basis too and that means you get the best service. We assess your cases thoroughly before we start any claim on your behalf so that we are confident you have a genuine and eligible claim for PPI compensation.

Call us and see how we can help.

We've rounded up the top facts from our work as a claim management company specialising in PPI compensation claims. And this is what we found…

You can still claim even if you have lost the paperwork

It may seem like an inconvenience but if you know which company or bank your loan, credit card, store card and so on, you can ask them for a copy of the paperwork. They may charge a fee.

If the firm has gone bust/disappeared, you can still make a claim

If the lender or financial company was regulated by the FCA, you can make a PPI claim through the Financial Services Compensation Scheme (FSCS). This acts as an insurance for covering the liabilities of finance companies.

You can take further steps if the bank reject your claim

If the bank reject your claim and you are unhappy with this decision, you can refer your case to the Financial Ombudsman Service. You should do this within 6 months of the bank refusing your claim.

PPI claims do not affect credit rating

For many people, a poor credit rating stops them doing many things financially but claiming PPI compensation is not one of them. And it won't make your credit rating any worse.

You can make a claim for PPI on a loan that has been paid off in full

Providing the last payment was within the last 6 years, you can make a claim for PPI compensation on the loan.

It may be possible to make a claim on a loan with or without your ex-partner's permission

Some banks and lenders will allow you to make a claim on your own but in other cases, you will need to make a claim

PPI compensation settlements are tax-free

Compensation is you getting your money back and thus, in most cases, you don't need to pay tax on it. However, everyone's tax position varies so always check with your tax adviser, if you have one, or your accountant.

If you were self-employed and sold PPI, you are entitled to claim

The terms and conditions relating to PPI and self-employed status make it a product you would unlikely to have bought if you had known about them. Thus, you have a claim.

PPI was often sold as 'compulsory'

But it wasn't. In fact, you don't have to buy any other product from the bank or lender when taking out a loan. They may insist you have insurance but you can shop around and get the right product at a price that suits you.

We can help you make a claim for PPI compensation. Find out in one phone call - call Payment Protection Scotland today.

With a possibility of a PPI June 2019 deadline looming large, the writing may finally be on the wall for PPI compensation claims. However, we will be working hard to make sure that everyone who has a claim, has the information and help they need to make one… and well before the deadline!

But, you probably still have some searching questions.

Surely, there cannot be many more PPI compensation claims to be made?

You would think that after all these years, and the relentless marketing of some claim management companies, that there can be no one left in the country who has not made a claim for PPI compensation.

According to the Professional Financial Claims Association, their calculations show that only half of the sums paid out represent refunded payments. In the total bill, a portion is the actual compensation, as well as 8% interest and administration fees for processing the claim.

MoneySavingExpert.com say that the Financial Ombudsman Service is still upholding 70% of complaints relating to PPI in favour of the customer. This means that banks are still rejecting claims. Thus, say the experts, this all adds up to banks facing more claims in the coming years and months.

So, it's just PPI compensation from now on? No more twists?

There could be another lurking in the wings and that is the fallout from the Plevin Vs. Paragon case. Susan Plevin argued that if she had known 72% of the £5,780 premium she was paying for the PPI policy was commission, she would have questioned the cost of the policy. She argued her case under the 1974 Consumer Credit Act that by not disclosing commission, it was an unfair sale.

The court agreed. This may mean customers could be entitled to more compensation if the court agrees that other customers by not having commission disclose to them, means that their sales were also unfairly conducted.

How much can I claim in PPI compensation?

The average is about £2,000 although there is one example of an £82,000 PPI compensation payment and another of £65,000. It depends on how many PPI policies you have, how long you had them and the way in which PPI premiums were calculated.

Lloyds Banking Group say they are dealing with less claims each week. This must mean that PPI claims are coming to a close?

Lloyds Banking Group are the biggest banking group in the UK, therefore they have the biggest compensation bill. They are receiving less claims per week, but they are still processing a staggering 6,700 cases a week.

With the imposition of a PPI deadline, this could sky-rocket once again.

Can I make a claim now?

Yes, you can and you can ask Payment Protection Scotland to help you. Call us now!

You will have read so much about the mis-selling of payment protection insurance (PPI); you will have seen many news reports and come across various forums, and pages of advice across the web.

You will have seen the success stories, and marvelled at how wonderful it would be if you have a windfall, worth thousands of pounds…

Perhaps you need to stop wishing and dreaming, and do something about it because there could be a lump sum out there with your name on it.

Make 2015 the year you will act on your PPI compensation claim!

Does everyone have a claim?

No this is unlikely BUT, studies show that the scale of the mis-selling of PPI is unlike anything that has been seen previously. PPI was sold by default in so many cases, that the compensation bill across all the banks is now in the billions of pounds, outstripping the budget for the London Olympic Games in 2012.

Checking the facts

It is important before you begin any claim that you have all the necessary information at your fingertips and this means looking through all the statements, account details and any other paper work you have for the account.

What you are looking for…

It might not say PPI or payment protection insurance. This is the name for an insurance policy that offers to protect repayments on loans, credit cards, mortgages, store cards, car finance etc. should you be unable to do so. Just like house insurance, and other insurance products, banks and lenders gave them PPI products names.

Hence some people are disappointed as they think that they don't have a claim, completing missing the insurance that is on their account as they think that it must say PPI.

There is no time limit, as such

If you have PPI on an account, and it shouldn't be there, then all customers are being encouraged to make a claim. Consumer law dictates that you have 3 years within which to make a claim, starting from the date that you were made aware there was a problem with the product, in this case PPI.

Making claims on accounts that are 'historic' and old can be more complex and lengthy but, can still be done. If your account was active within the last 6 years, the case can be 'easier' to resolve as the bank should have kept financial details and records.

So it is not a lost cause then…?

No, it isn't. You could be enjoying a windfall of thousands of pounds but, if you don't investigate then you will never know…